The Promise Of Indian Management Education In Contemporary Times

The question of whether ‘politics informs economics’ or vice-versa has been looming large for decades now, but has hardly been as prominent and critical as today. Given the geopolitical situations in Russia-Ukraine, Israel-Palestine-Iran, and to smaller extents in some other parts of the world, the economics finds itself at the receiving end. Business firms find themselves on shaky grounds as a consequence of such situations. For instance, companies such as McDonald’s, Starbucks, and Apple, along with financial giants including Goldman Sachs and JP Morgan, did chose to either suspend or fully exit their operations in Russia, citing ethical concerns, legal restrictions, and reputational risks associated with continuing business in a conflict zone. This presents an opportunity to the regional players to fill the void in the market.

While handling complex geopolitical situations is not the only dilemma for the management education today, the above case presents a perfect illustration of the bumpy rides for which it needs to prepare. Embracing the digital transformation presented by the advent of artificial intelligence and machine learning, growing global competition among educational institutions, call for sustainability, inclusivity and diversity, can be counted as some other key roadblocks. The management schools and the education and research delivered by them need to continually evolve and reinvent for addressing the dynamic challenges in a no-less dynamic way.

In preparing the budding managers to address the business challenges of their times, the management educational institutions need to sustain themselves as well. Admissions, academic design and delivery, and employability act as key strategic tools for such institutions in their pursuit of academic excellence. Typically, the institutions that produce employable graduates attract quality admissions. Academic design and delivery are key to produce employable graduates. Quality research paves the way for top-class academic delivery. From the interplay between these factors (employability, academic design and delivery, student admissions, and quality research), one can clearly imagine the roadmap to build a successful educational institution. Thankfully, the criteria for most of the rankings and accreditations worldwide revolves around these parameters.

Academic design and delivery: Proactive design of the academic curricula to be delivered to the budding managers is the primary success factor for management schools in producing industry-ready graduates. Given the global nature of the management education today, academic designs need to be reflective of the developments taking place or expected to take place in the business arena. Since artificial intelligence can design and deliver prototype management education seamlessly, the human-interfaced education needs to identify, build and continuously strengthen its competitive advantage. Integration of experiential learning through faculty, interactive methods (such as case studies, live projects, internships, and simulations) that can bridge the gap between theory and practice, and fostering critical thinking are key pathways for management institutions in navigating their sustainable future.

Traditional Indian Education system followed the Guru-Shishya system, wherein personalized mentorship and holistic guidance was offered to the students. Similarly, traditional Indian institutions such as Takshashila and Nalanda, used to continuously encourage the students to apply theoretical knowledge to real-life situations, a pattern that needs to be borrowed by the modern management institutions. Another relevant point for creating competitive edge in the management education landscape lies in building the logical, philosophical, and grammatical capacity among the graduates to develop integrative, holistic, and sustainable solutions to the complex dilemmas and business situations.

Quality research: Quality research remains a cornerstone in the success of management institutions, and the role of teaching staff as well as the student community is vital in this respect. Action-oriented research contributes significantly in building academic reputation of the institution, which is a key parameter in most global rankings (for example, ‘academic reputation’ occupies 30% weightage in the QS World University Rankings). By publishing in the top-tier journals and presenting their work in widely attended conferences, the faculty helps enhance the institution’s intellectual capital, attracting high-quality students, consulting, and funding opportunities. Cutting-edge research also acts as a key feeder to the academic design and development at the management institutions, by enabling the exposure of students to the latest theories, tools, and practices. This alignment between research and teaching enriches the student learning experience, making graduates more competitive and industry-ready. Besides, the management institutions need to focus their research on the themes contributing to policymaking and societal well-being. Such research would go a long way in bringing about positive economic and social change. As a result, by prioritizing research, management institutions may build a robust academic community, contribute to global knowledge, and impact both the academic and business spheres, ensuring their long-term success and relevance.

Indian management education can bring deep inquiry to the table, thereby creating an edge for itself. The roots of this deep inquiry lay in the traditional Indian education system. For instance, the Upanishads are structured as dialogues between teachers and students, where critical questions are raised about life, ethics, and metaphysics. This culture of dialogue and debate can inspire modern research frameworks that encourage questioning established theories and exploring new, innovative ideas. Business schools can adopt this approach by fostering an academic environment where curiosity drives research, promoting critical discourse and exploration beyond conventional paradigms.

Employability: Producing industry-ready and employable graduates is one of the most explicit goals of management institutions. By focusing on employability, the management institutions can strengthen their employer reputation (which occupies 15% weightage in the QS World University rankings), attract potential students, and establish long-term relationships with business organizations. By active engagement with the industry through various modes such as internships, alumni networks, industry-academia interactions, management institutions need to provide exposure and opportunities to their students. Besides helping place the students at better levels, such exercises keep the school attuned to shifting market trends, enabling them to adjust their programs accordingly.

The exclusive edge for Indian management education can be its natural blend of ethical, responsible, and result-oriented leadership that is missing in the modern business scenario. These values are crucial in modern business education, where employers increasingly seek candidates who are not only skilled but also ethical and responsible leaders. Incorporating these ancient teachings into modern business education can prepare students for leadership roles that require not only business acumen but also a strong ethical foundation to deal with the complex dilemmas presented by geopolitical situations, economic exigencies, technological onslaughts, and growing competition.

Sustainability: Sustainability plays a pivotal role in the journey of management education by shaping their academic reputation, industry relevance, and societal impact. As global businesses increasingly prioritize environmental, social, and governance (ESG) factors, business schools that integrate sustainability into their curriculum, research, and campus operations position themselves as leaders in responsible management education. This focus on sustainability not only enhances the school’s attractiveness to students and faculty but also aligns with the expectations of employers who are seeking graduates with the knowledge and skills to lead sustainable business practices. Ethical leadership, sustainability-focused research, green campuses, waste management programs, and energy efficiency are key elements of the sustainability-driven approach in management institutions.

Indian educational system has typically been acquainted to deal with the challenges of sustainability. The focus on harmony at four levels (within oneself, one’s family, society, and nature) presents a holistic method of evaluating business strategies. Four orders of living in the existence – material order, plant order, animal order, and human order – provide a benchmark to evaluate how and for whom the businesses create value. Modern management institutions can respond to the challenge of sustainability by developing their designs around such values and systems

Global rankings: Global ranking systems such as QS World University rankings and Times Higher Education rankings are critical for the modern educational institutions, since these are considered by the students, faculty, and employers before joining hands with the educational institutions. These rankings follow a structured approach to evaluate and rank educational institutions. Academic and employer reputation, research networks and outcomes, and global engagements, occupy key weightage in such ranking systems. Besides responding to the criteria and framework of these ranking systems, Indian management educational institutions have the potential to follow a proactive approach and strategize their operations by focusing on the key points discussed in this piece.

Through rigorous focus on academic design and delivery, quality research, employability, and sustainability, Indian management institutions can lead the world in terms of delivering high quality management education. Performance in the global rankings and accreditation is a by-product of such proactive approach, and Indian management institutions need to stand-up and deliver accordingly.